Solar City

Project Name

Sunshine

Date Announced

3Q 2015

Site

Draper, Utah

Competition

North Carolina, Texas

“We’ve chosen Utah as a regional headquarters because of its educated workforce and affordable cost of living for those in the professional roles we will create in the Beehive State." -- Brendon Merkley, EVP Customer Operations

Jobs

4,000

Investment

$15 million

Square Footage

tbd

Incentives

SolarCity may earn up to 25 percent of the new state taxes they will pay over the 10-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) tax credit rebate. As part of the contract with SolarCity, the GOED Board of Directors approved a post-performance tax credit rebate of $24,441,053.

In addition to the 10 year incentive, if the company generates a minimum of 4,500 jobs and meets additional criteria, SolarCity may earn an extension to the agreement for another five years. This could earn the company an incremental incentive increase of $20,411,880. Each year as SolarCity meets certain criteria, it will earn a portion of the total tax credit incentive. SolarCity may also earn a post-performance Industrial Assistance Fund relocation grant of up to $200,000 as it relocates management personnel.